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PENGU Team Transfers Over $66M to CEXs, Raising Investor Concerns
The PENGU team has stirred controversy by transferring over $66 million worth of tokens to centralized exchanges (CEXs) in the span of just one month. This significant movement has raised concerns among investors and traders who are left questioning the motivations behind such actions.
According to recent data from blockchain analyst EmberCN, referencing Arkham Intelligence statistics, it appears that a staggering 206.9 million PENGU tokens, valued at nearly $8.91 million, have been transferred within the last 24 hours alone. This adds to a total of over 2 billion tokens, estimated to be worth approximately $66.6 million, shifted by the team since late June.
These transfers have sparked debate among traders as they are typically indicative of holders looking to cash out their assets. However, some argue that these movements could serve operational or liquidity purposes for a growing project navigating a volatile market.
Despite this controversy, it appears that PENGU’s token price continues its upward trend. As per recent market data, the token is currently trading at around $0.04278, which marks an increase of over 3% within the last 24 hours. Notably, this marks a gain of 17% in just one week and a surge of approximately 230% in the past month.
This impressive performance indicates robust demand and a solid base of traders who view long-term potential despite short-term uncertainty. While the bullish momentum has encouraged some, it has also attracted malicious actors.
Security experts from Pudgy Penguin have warned of an emerging scam campaign, where fraudsters use dusting techniques to send tiny amounts of PENGU tokens accompanied by fake URLs that masquerade as legitimate project branding. Unsuspecting users searching for these addresses on Solscan risk clicking phishing links that replicate the project’s identity.
Another trap involves counterfeit tokens designed as honeypots, which freeze users’ funds when swapping. As PENGU’s profile grows, so does the sophistication of these threats. Investors are advised to stay vigilant, double-check token origins, and refrain from interacting with unsolicited airdrops.
Despite the challenges, the crypto sector remains optimistic about the innovation and resilience demonstrated by teams like PENGU’s.
Source: crypto-economy.com
